Description

THE SALE IS SUBJECT TO BANKRUPTCY COURT APPROVAL AND OVERBID. INTERESTED PARTIES CAN OVERBID VIA ZOOM IN BANKRUPTCY COURT AT 10:00A.M. ON 6/24/26. ANY INITIAL BID MUST BE NO LESS THAN $7,000,000 WITH INCREMENTS THEREAFTER OF NO LESS THAN $10,000. ANY OVERBIDDERS MUST BE PRE-QUALIFIED BY TRUSTEE IN HIS SOLE DISCRETION. AT LEAST 3 BUSINESS DAYS PRIOR TO THE HEARING, OVERBIDDERS MUST DELIVER: 1.) CASHIER'S CHECK IN AMOUNT OF $208,500 PAYABLE TO JASON M. RUND, CHAPTER 7 TRUSTEE; 2.) EVIDENCE OF ABILITY TO CLOSE ESCROW UNCONDTIONALLY (E.G., CURRENT BANK STATEMENT, UNCONDITIONAL LOAN COMMITMENT) ACCEPTABLE TO TRUSTEE IN TRUSTEE'S SOLE DISCRETION. 3.) EXECUTE AN AFFIRMATION OF YOUR AGREEMENT TO BE BOUND BY EACH OF THE TERMS OF THE CURRENT PURCHASE AGREEMENT AND WAIVE ALL CONTINGENCIES. YOU MUST CONTACT LISTING AGENT FOR A COPY OF AFFIRMATON AGREEMENT AND CHAPTER 7 TRUSTEE'S MOTION FOR ENTRY OF ORDER APPROVING SALE OF REAL PROPERTY. This two-story office building, currently operating as the Hyundae Health Center Korean Spa, is being offered as a bankruptcy sale and presents a unique value-add opportunity in the heart of Koreatown. The property features a passenger elevator and a gated parking lot accommodating approximately 70 vehicles. Ideally situated on a high-visibility, signalized corner with traffic counts of 25,176 vehicles per day (2025), the site is located one block west of Normandie Avenue and one block north of Wilshire Boulevard, providing excellent access to the 101, I-10, and 110 freeways. Zoned LAC2-1 and designated as TOC Tier 4, the property offers strong redevelopment potential and is located within a Qualified Opportunity Zone, providing potential tax advantages. The sale is subject to bankruptcy court approval and overbid, and the property will be sold "as-is."